CalPERS committed a total of $1 billion to two private equity funds, according to a staff report for the board's June 20 meeting.
The $456.6 billion California Public Employees' Retirement System, Sacramento, committed $500 million each to TPG Next (A), a fund that aims to provide growth capital to a more diverse set of investors and entrepreneurs including women, people of color and members of the LGBTQ+ community; and to GCM Grosvenor Elevate Fund I, a fund of funds making seed investments in small, emerging and diverse private equity managers.
As of Dec. 31, CalPERS' actual allocation to private equity was 11.4%; it's target is 9%.
